Former News of the World reporter Sean Hoare has alleged former editor Mr Coulson asked him to hack into phones, a claim Mr Coulson denies.
The Met said new material had emerged that would be considered by officers.
Shadow Home Secretary Alan Johnson has requested an urgent question in the House of Commons over the issue.
A spokesman for Mr Coulson said: "Andy Coulson has today told the Metropolitan Police that he is happy to voluntarily meet them following allegations made by Sean Hoare.
"Mr Coulson emphatically denies these allegations. He has, however, offered to talk to officers if the need arises and would welcome the opportunity to give his view on Mr Hoare's claims."
The News of the World's royal editor, Clive Goodman, was jailed for conspiracy to access phone messages in 2007, along with private investigator Glenn Mulcaire, but the paper insists it was an isolated case.
While critical of the conduct of the News of the World's journalists, the House of Commons Culture and Media Committee found no evidence that Mr Coulson either approved phone-hacking by his paper, or was aware it was taking place.
In 2009, the Metropolitan Police chose not to launch an investigation following the Guardian's claims that News of the World journalists were involved in widespread phone hacking of several thousand celebrities, sports stars and politicians.
Mr Coulson came under fresh pressure last week after former journalists told the New York Times that the practice of phone hacking was far more extensive than the newspaper acknowledged at the time.
In light of the new information, Met Police Assistant Commissioner John Yates told BBC Radio 4's Today programme: "We've always said that if any new material or new evidence was produced then we would consider it.
"We've heard what Mr Hoare's had to say, we've been in touch with the New York Times for many months prior to the publication of the article, seeking any new material or new evidence that they had. They didn't produce any until they published this with Mr Hoare.
"It is new and we'll be considering it, and consulting with the Crown Prosecution Service before we do."
Mr Johnson will try to ask Home Secretary Theresa May in the Commons to explain what she intended to do in light of accusations that current members of the House may have had their phones tapped.
On Sunday she said there were no grounds for a public inquiry.
Mr Johnson said he wanted to know whether the practice was widespread at the News of the World, and whether every victim had been properly informed that they might have been hacked.
"I feel that as the home secretary last year, I was meticulous about not getting into the political ramifications of this given Andy Coulson's position with the then leader of the opposition, and that this should be based on evidence that came forward," he said.
"There's a whole host of evidence now that needs to be investigated and so I feel that is a job that needs to be completed. I'll be asking the current home secretary about that."
The Speaker has granted an urgent question from MP Tom Watson, which the home secretary will respond to.
Culture committee chairman John Whittingdale told the BBC he was against MPs reopening their inquiry into the claims.
He said the committee's previous investigation was as detailed as it could be at the time and it stood by its conclusions.
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Home Affairs Select Committee chairman Keith Vaz said Mr Yates would be asked about the latest developments in the inquiry when he appears before it on another matter on Tuesday.
The prime minister's spokesman said David Cameron had full confidence in Mr Coulson, who continues to do his job.
The spokesman said: "We have a number of stories in the newspapers. These allegations have been denied."
As far as the prime minister was concerned nothing had changed said the spokesman, adding: "These matters have been gone over many times in the past."
Mr Hoare told the New York Times he was fired from the News of the World during a period when he was struggling with drink and drugs.
The News of the World has rejected "absolutely any suggestion there was a widespread culture of wrongdoing" at the newspaper.
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